With the ceaselessness of Covid-19 and the lockdown, the world is holding consumer onto optimism, with little fluctuations and progresses each week. More and more consumers expect a tedious and also severe impact on their finances and routine, and also most show a cut in income in the last two months.
Overall, the spending pattern is almost half, but other categories show a more positive and livelier trend.
- While indoor entertainment and staples have undergone an elevation, spending on other domains such as wellness and fitness, non-food baby goods, skincare, personal care, and food delivery and takeout, which faced a total shutdown, is gradually picking consumer up in areas that are emerging triumphant.
- You can thus understand that these businesses will gain normalcy in regions that are recovering.
- To adapt to restrictions, consumers have largely adopted low-touch and digital solutions.
- These are telemedicine, curbside grocery pickup, and videoconferencing.
Brian C Jensen’s take on the transformation
New consumerism will transform the future of businesses. Dr Brian C Jensenunderstands that apart from healthcare, the Covid-19 pandemic has basically changed the whole world as well. People are living and purchasing differently.
The pandemic has tested supply chains. Retailers are shutting down and consumers worldwide are looking at brands and products consumer through a new prism. It’s reshaping and restructuring the industry and fueling long-term rising and underlaying trends within a few weeks.
Consumers are extremely concerned about Covid-19’s impact, both from an economic and health standpoint. With differing mindsets, consumers are responding in numerous ways. Purchasing habits and behaviors are changing fast. Fear is running at an all-time high as people contemplate the aftermath of the crisis.
- It has boosted three prominent long-term patterns. People are more focused on health than ever. CPG businesses must heed this paradigm shift and make it their priority to encourage and support healthy lifestyles for employees, consumers and shoppers.
- If you’ve a health strategy, it can be a make a huge difference in the imminent future.
- Consumers are rooting for local products. The drive to go local is clear from the products they are buying. These are artisanal and locally sourced items.
Overall, a rise in planned and conscious consumption means businesses can no longer consumer stick to old strategies. People are shifting to more sustainable and cost-effective options. Businesses must explore new growth models to make sustainability a key part of their directive.
The role as a catalyst according to Brian C Jensen
The transition to digital format had undergone intermittent spurts. It might sound harsh and very terse, but e-commerce consumer firms and online firms were praying for a radical change in the market, which would boost their sales.
Instead of a gradual, organic transition, you had an avalanche of change. Hygiene has become a chief attractor of customer. People’s perception of retail space hygiene, cleanliness, and co-shopper or employee hygiene is at an all-time high.
People have become recalcitrant to mix and also mingle, which means mall owners and managers need to ensure that they remove these fears by making hygiene and also health assurance on a consistent and continuing basis.